Copper Retreats From Two-Week Highs
Copper futures fell to around $6.60 per pound on Thursday, ending a four-session winning streak as traders took profits following recent gains. Sentiment was also dampened by disappointing earnings from Alphabet and Samsung, which revived concerns over the sustainability of artificial intelligence investments and weighed on risk appetite. Despite the pullback, copper remained near a ...
Copper prices declined to approximately $6.60 per pound on Thursday, concluding a four-day upward trend as investors opted to lock in profits after recent price increases. The positive sentiment was tempered by underwhelming financial results from Alphabet and Samsung, reigniting doubts about the durability of investments in artificial intelligence and dampening risk appetite.
Despite the slight decline, copper prices remained close to a two-week peak, driven by a shortage of physical supply in China, the world’s biggest consumer of the metal. This scarcity was evident in the rising Yangshan copper premium, a critical gauge of Chinese demand for imported copper, which reached $205 per ton on Wednesday, marking the highest level in over a decade.
The surge in the premium underscores the escalating competition for copper supplies both domestically and internationally. Earlier worries about potential U.S. import tariffs had prompted traders to reroute shipments to American warehouses, further tightening the availability of copper in other markets.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
